The late Bollywood legend Raj Kapoor’s one-acre bungalow in the eastern suburb of Chembur has been sold to Godrej Properties for a reported Rs 100 crore.
Image Source: TNN
Late Bollywood legend Raj Kapoor
The land was purchased from the Kapoor family, legal heirs of Raj Kapoor.
Image Source: TNN
One-acre bungalow property
The developer plans to develop a premium residential project.
Image Source: TNN
Expected revenue: Rs 500 crore
“The land is one acre and we expect revenue of approximately Rs 500 crore from the project,” said Pirojsha Godrej, executive chairman of Godrej Properties.
Image Source: TNN
Upscale residential neighbourhood
The site at Deonar Farm Road, Chembur, is adjacent to the Tata Institute of Social Sciences (TISS) and is considered to be an upscale residential neighbourhood.
Image Source: TNN
'RK Studios operated from there'
"We are excited to have chosen Godrej Properties to script a new chapter for this location and build upon its rich history,” said Randhir Kapoor, the eldest son of Raj Kapoor.
Image Source: TNN
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'Demand for premium developments strong'
Raj Kapoor built the RK studio in 1948 and directed and produced several projects under its banner over the next few decades, the last one being Rishi Kapoor’s ‘Aa Ab Laut Chalen’ in 1999.
Image Source: TNN
Chembur property
We will aim to build an outstanding residential community that creates long-term value for its residents and celebrates the legacy of the site ”, said Gaurav Pandey, MD & CEO, Godrej Properties.
Image Source: TNN
'Iconic project'
“We are pleased to add this iconic project to our portfolio", added Gaurav Pandey.